Short Term Technical Analysis for Majors (08:00 GMT)

EUR/USD
Improves the near-term tone after recent losses found support at 1.3080 zone and subsequent bounce cleared initial resistances at 1.3130/50. Price reached high at 1.3190 during Asian session, just ahead of 1.3200, figure resistance and 55 day EMA, clearance of which is required to open next barriers at 1.3250 and possible test of key near-term barrier at 1.3290, 08 Mar high. Hourly studies hold positive tone, after pullback from 1.3190 found footstep at 1.3150, where 20 and 55 day EMA’s contained dips for now, with price action required to hold above here to keep near-term focus at the upside. Next supports lie at 1.3130/00, with key one at 1.3077.

GBP/USD
Near-term price action moves in a consolidative mode, after yesterday’s break below key short-term support at 1.5650, tested next support at 1.5600. Hourly studies remain negative and keep the downside favored, with upside being capped so far at 1.5660, daily90 day SMA, ahead of strong resistance at 1.5700, previous lows / 20 day EMA and only break here to allow for stronger rally. On the downside, loss of 1.5600 to open 1.5523, Fib 61.8% and 1.5500, round figure support.

USD/JPY
Extends near-term consolidation after hitting fresh 10-month high at 82.63. Dips have so far been contained at 82.00, initial support zone. While the latter holds, potential is seen for fresh attempt towards 82.50/63 barriers, above which to resume broader uptrend. Hourly studies are neutral/positive, however, conditions on daily chart are overextended that may suggest stronger correction before bulls resume. Below 82.00, to face Fibonacci supports at 81.84 and 81.36, ahead of figure support at 81.00 and key one at 80.55.

Res: 82.50, 82.63, 82.97, 83.50
Sup: 81.95, 81.84, 81.60, 81.50

USD/CHF
Extends near-term corrective action of yesterdayy’s high at 0.9217, after break below initial support at 0.9200, retracing 50% of initial 0.9070/0.9217 rally at 0.9140. Ideally, reversal here would keep the near-term bulls intact for fresh attempt at 0.9217 and possible extension towards strong barriers at 0.9250/0.9300, as 4H chart studies remain positive. Loss of 0.9140 and more significant level at 0.9126, Fib 61.8% / 55 day EMA, however, would weaken the near-term structure and turn focus towards 0.9100/0.9070.

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